GSK reports 20% decline in profits during 3MCY20
MG News | May 15, 2020 at 02:37 PM GMT+05:00
May 15, 2020 (MLN): GlaxoSmithKline Pakistan Limited has announced its financial results for the quarter ended March 31, 2020, as per which, the company has earned profits of Rs. $424.5 million (EPS: Rs. 1.34), which is nearly 20.1 percent lower as compared to the figures reported in the same quarter of last year.
The company’s topline income fell by 4 percent, which cost of production grew by merely 0.05 percent, the combined impact of which caused the gross profits to decline by 17 percent.
While the Selling and distribution expenses of the company fell by 27 percent, the administrative costs surged by around 70 percent. Moreover, the non-core income of the company increased by 23 percent, providing some cushion to its financial wellbeing.
The biggest highlight, however, was the 34.9x surge in finance costs, which ultimately pulled the profits before tax down by 21.1 percent. However, the company got some respite from a 23 percent decline in income tax expense.
| Financial Results for the Quarter Ended ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Sales | 8,033,916 | 8,368,051 | -3.99% |
| Cost of Sales | (6,388,120) | (6,384,989) | 0.05% |
| Gross Profit | 1,645,796 | 1,983,062 | -17.01% |
| Selling, marketing and distribution expenses | (843,374) | (1,154,080) | -26.92% |
| Administrative expenses | (473,706) | (278,572) | 70.05% |
| Other operating expenses | (56,050) | (73,913) | -24.17% |
| Other income | 420,891 | 342,490 | 22.89% |
| Profit from operations | 693,557 | 818,987 | -15.32% |
| Finance cost | (48,983) | (1,364) | 3491.13% |
| Profit before taxation | 644,574 | 817,623 | -21.16% |
| Taxation | (219,010) | (284,713) | -23.08% |
| Profit after taxation from continuing operations | 425,564 | 532,910 | -20.14% |
| Earnings per share (Rupees) | 1.34 | 1.67 | -19.76% |
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